12:01 PM The changing dynamics in Tooling Market for the Composites Industry with covid-19 impact assessment |
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Tooling Market for the Composites Industry. It was estimated prior to this unanticipated outbreak that the Tooling Market for the Composites Industry will reach US$ 1558.7 million in 2023. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Based on the material type, the global tooling market for the composites industry is segmented as Invar, Aluminum, Tooling Prepreg, Infusion, Other Metals, and Other Materials. Tooling prepreg is expected to remain the largest material segment of the tooling market for the composites industry over the next five years. The material type (tooling prepreg) is also projected to witness high growth for the same period, propelled by increasing usage in high-growth markets, owing to its excellent coefficient of thermal expansion property. Based on the end-use industry type, an advancement in composite technologies, such as AFP and ATL; and increasing usage of resin transfer molding process in fabricating aero-engine components are the key growth drivers of segment’s market. The transportation industry is driven by an increasing penetration of composites in the electric and premium vehicles to enhance the fuel efficiency or to curb the carbon emissions in order to meet the stringent government regulations, such as CAFÉ standards.
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Based on the regions, North America is estimated to remain the largest tooling market for the composites industry. The region is the manufacturing capital of the aerospace & defense industry with the presence of several small- to large-sized composite part manufacturers. There is also a healthy demand for tooling products from other end-use industries, such as transportation, marine, and wind energy in the region. Asia-Pacific is likely to grow at high rate for the same period, driven by growing composites industry. China and India are the growth engines of the Asia-Pacific’s market.
Key Players: AIP Aerospace Inc, Airtech Advanced Materials Group, Gurit Holding AG, Hexcel Corporation, Kaman Aerosystems, and Janicki Industries are the major tooling manufacturers for the composite applications. New product development and long-term contracts with customers are the key strategies adopted by major tooling product manufacturers to gain a competitive edge in the market.
Features of the Report This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Tooling Market for the Composites Industry analysis report discusses the following heads in great detail:
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